Any vehicle flippers?

[saygoodnight]

Hey guys,

I have been thinking about what it would take to start flipping some cars or bikes for some extra cash.

Have any of you done this before?
If so, do you have any words of wisdom that you can share?
Anything that needs to be repaired can be done but are there any suggestions of how to buy at auctions or other places to find good deals? Things to look out for, laws to make sure and abide by that may not be widely known, etc?

Any help would be great!

 

[chopper duke]

My dad does it and has for years. It's more of a hobby and from watching him do it for a decade, I can't say it's worth it. It's a lot of work getting the vehicles, getting them ready to sell and then actually selling them.

 

[Leatherhead]

Big pain in the ass.


Most auctions require a dealers lic to enter the auction and buy. And having your dealers lic is another huge pain in the ass...

If you DONT have your dealers lic, and you can find a dealer to hook you up at an auction, heres a catch to know about....you have 30 days to register and title the car in your name, so if you can sell it quickly, you can avoid the title and registration fees, but its illegal, really. But it happens...

If you do register and title in your name, you can only buy and sell FOUR vehicles per year as an individual. The state will come after you for dealers taxes if they see you are buying and selling more than 4 per year.


The risk of getting caught and paying major fines/taxes outweighs the benefits.


Too much of a pain. I gave up on trying to have regular income from it. If I find a deal on car every once in a while, Ill pick it up to make a few bucks on.

 

[Daniel]

I've been doing it with motorcycles for a little while. Get older bikes they are easier to work on. If you don't have a lot of experience start with Japanese bikes don't start with a Harley Davidson. Take your time but it will be hard work. I've never had luck with cars being flipped but have had fun doing motorcycles.

 

[kalashnikov blastov]

Go with real estate....

 

[saygoodnight]

Thanks everyone! This is def helping me bring reality into these aspirations.

As for real estate, I'm more looking to take 2-3k & turn it into a few hundred extra profit from resale for a while. I don't quite have enough for buying real estate just yet :/


Unless you know how to take that same amount of cash & buy a place, in which case I'd be happy to look into it

 

[Mrdoooner]

Go with real estate....

^^ THIS.

 

[kalashnikov blastov]

Thanks everyone! This is def helping me bring reality into these aspirations.

As for real estate, I'm more looking to take 2-3k & turn it into a few hundred extra profit from resale for a while. I don't quite have enough for buying real estate just yet :/


Unless you know how to take that same amount of cash & buy a place, in which case I'd be happy to look into it

Understandable, plus its a much quicker return when dealing with vehicles. Potentially, depending on your lender and credit history, you would have no trouble finding a foreclosed home for 10-15k, put your 3k into repairs/cosmetics and resale for 30k +. It's all about the area, and like I said, the turn around on your investment would be longer than it would be with a vehicle. It's all about the risk/reward, and how immediate your need for profit is.

 

[Ghost941]

My dad does it and has for years. It's more of a hobby and from watching him do it for a decade, I can't say it's worth it. It's a lot of work getting the vehicles, getting them ready to sell and then actually selling them.

Yes he has and he typically comes out alright. I think the key is to get in good with some of the repo companies (Titlemax, Titlepawn, Etc.), and repo guys. They can turn you on to where the flips can be done. Also, knowing you're way around a vehicle is good. The difference between a tapping valve and a blown ring to some folks may be indistinguishable. I think if done right, its worth it.

I do know a guy who bought a beat up Honda Scrambler, broke it down, cleaned up the parts and sold them for like triple what he paid for the bike.

 

[Mrzllewellyn]

My grandpa flipped a few vehicles off a little drop off on he way from the bar years ago didn't do nothing but cost him insurance deductible...